The National Bureau of Statistics (NBS) has released the long-awaited Rebased Gross Domestic Product (GDP), saying it grew by 3.13 per cent in the First Quarter of 2025 (Q1 2025) in real terms from the 2.27 per cent of Q1 2024.
The Statistician General, Prince Adeyemi Adeniran broke the news in Abuja.
He said: “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series to the new rebased estimates.
“This procedure provided new quarterly GDP series, which are compared to the 2025 first quarter estimates.
Gross Domestic Product (GDP) grew by 3.13% (year-on-year) in real terms in the first quarter of 2025.
“This growth rate is higher than the 2.27% recorded in the first quarter of 2024.”
He said the performance of the GDP in the quarter under review was driven mainly by the Services sector, which recorded a growth of 4.33% and contributed 57.50% to the aggregate GDP.
The agriculture sector, according to him, grew by 0.07 per cent, from the growth of -1.79% recorded in the first quarter of 2024.
The growth of the industry sector was 3.42%, from 2.35% recorded in the first quarter of 2024. In terms of share of the GDP, the services and industry sectors contributed more to the aggregate GDP in the first quarter of 2025 compared to the corresponding quarter of 2024.
He said in the quarter under review, aggregate GDP at basic price stood at N94,051,733.20 million in nominal terms.
This performance, according to Adeniran, is higher when compared to the first quarter of 2024, which recorded an aggregate GDP of N79,505,265.15 million, indicating a year-on-year nominal growth of 18.30%.
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